What is a SLAT?

August 31, 2022By Douglas Venturelli, Esq.

A Spousal Lifetime Access Trust (SLAT) is a trust established between spouses. Essentially, one spouse gives the other spouse assets in an amount that uses up the unused Federal Estate Tax Exemption. The trust of one spouse must be materially different from the trust of the other spouse. The reciprocal trust doctrine allows the IRS Read the full article…

New Schedules K-2 and K-3 Reporting for Form 1065, Form 1120-S, and Form 8865 – What You Need to Know

August 11, 2022By Elvira Frencillo

For the tax year beginning in 2021, the IRS has implemented a new reporting requirement for partnerships, S corporations, and filers of Form 8865 to include Schedules K-2 (Partner’s Distributive Share Items – International) and Schedules K-3 (Partner’s Share of Income, Deductions, Credits, etc. – International) with their returns. What are Schedules K-2 and K-3 Read the full article…

Uncommon Trusts

June 13, 2022By Richard Umanoff

In our last article in this series, we covered the different types of trusts that can be established. In this article, we’ll discuss uncommon trusts that can be utilized. Other Trusts That Can Be Established Blind Trust The trustees of a blind trust manage the assets in the trust without the beneficiaries’ knowledge. The beneficiaries Read the full article…

Fiscal Year 2023 Revenue Proposal: How Does the Biden Administration’s Proposal Impact the Real Estate Industry?

May 19, 2022By So Sum Lee

Recently, the Department of Treasury released the General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals. The proposals are built around the Build Back Better Act, passed by the House of Representatives on November 19, 2021, but were stalled in the Senate. If you are in the real estate space, it is important to Read the full article…

Types of Trusts

May 11, 2022By Richard Umanoff

In the last article in our series, we covered the benefits a trust offers for creators and beneficiaries. In this article, we’ll dive into more detail about the types of trusts that can be established and the pros and cons. Types of Trusts Revocable Trusts Revocable trusts (living trusts) can be changed or canceled at Read the full article…

AB150 Update – What do I do Now?

February 25, 2022By David Troost

As previously communicated, recent updates to the State and Local Tax (SALT) workaround issued by the State of California, clarified some of the more troubling provisions of this law. This update should allow taxpayers to take advantage of the new deduction opportunity. The election and payment for 2021 are due by March 15th. The deduction Read the full article…